After a successful debut last year, the U.S. Small Business Administration is launching a second Accelerator Growth Fund competition for accelerators working to help startup companies grow and succeed.
Applicants will compete for $50,000 grants totaling $4 million. The application period starts April 10 and runs through June 1.
In announcing the continuation of the competition, SBA administrator Maria Contreras-Sweet said the goal of the program was to spur opportunities for small businesses and discover and empower the country’s “next trailblazers.’’
Accelerators provide advice and guidance to startups, often by providing physical work space, mentoring, business plan assistance, networking and introductions to potential customers, partners and suppliers.
Accelerators aim to turn business ideas into prototypes or products that are ready for market in a matter of months, according to Bloomberg Businessweek. They typically provide initial funding for a great idea, then take a small ownership stake in the new business.
Much like last year’s competition, several panels of judges will review the applications and select the winners. Judges come from both the public and private sectors and have experience in early stage investing, entrepreneurship, academia, startups and economic development.
Accelerators, incubators, co-working startup communities and other related models are encouraged to apply, with extra attention going to applicants in areas of the country without a strong accelerator or entrepreneurial presence.
The SBA program was created last year to give qualified accelerators an infusion of money to help boost startup and entrepreneurial businesses. In 2014, the SBA provided 50, $50,000 grants to startups in 31 states, Washington, D.C., and Puerto Rico, most of them in areas with little access to venture capital.
Winners came from a variety of industries, including tech/science, health care, manufacturing, education and agriculture.
Among the recipients, 32% were women, 14% represented underserved racial groups and 14% were from rural areas.
In all, 832 startups applied for the $2.5 million in funding. Winners ranged from the Good Food Business Accelerator in Oak Park, Ill., to the Edson Student Entrepreneur Initiative in Scottsdale, Ariz., to Rocket City Launch in Madison, Ala.
For this year’s competition, the SBA will again seek accelerators headed by women and those that support women or other underrepresented groups. Manufacturer accelerator models, which are critical to job growth and a health economy, will be given special consideration.
For more information about the application process, go to www.sba.gov.
Please Leave A Comment
Related posts:
Kaplan and Pearson Announce Ed Tech to Fund Startups
“She Can Pitch” Offers Opportunities for Women Entrepreneurs
SBA Awards Innovations that Help Women and Families
Nike Foundation Works to Empower Girls with a Business Accelerator
Entrepreneurship Competition at University of Delaware Seeks Potential CEOs